I found this opportunity on the USDJPY H4 timeframe. After the huge fall this market is now in a consolidation phase, whose range is about 300 pips. The marked supply zone is 50 pips wide, the next probable target at 50% of the engulfing bullish bar. This is where i will be looking to exit.I know that my target is set at the low of a minor demand zone. But i expect it to be broken, because this demand seems not very strong to me (its more a continuation pattern and has slow departure).
As expected price reacted to the demand in the middle of the 300 pips range. Because price stalled near entry and being more than 2R in profit, i decided to move SL to breakeven, since it was Friday (hoping not to gap up on opening on Sunday). This screenshot was taken immediately after changing the SL.
Today price finally reached my target at 119.70. Closed with 130 pips in profit. Price may continue down at minor supply (41 pips range) and take out lower demand (73 pips). But i am happy with the result. As I gain more confidence with this type of trading, i will start to try more dynamic exit strategies.